COVID-19 Vaccine Market Develop Rapidly by Top Key Players AstraZeneca plc, Pfizer, Sanofi S.A., Novavax, Moderna

Global Corona Virus Vaccine Market, by Vaccine Type (Inactivated Virus, Protein Subunit, Non-replicating Viral Vector, Repurposed Vaccines, RNA Vaccine, DNA Vaccine, and Genetic Vaccines), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 14.5 billion in 2021, and is expected to exhibit a CAGR of 30.9% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.

Initiatives taken by the U.S. government to ensure the rapid production and distribution of COVID-19 vaccine is expected to boost growth of the global corona virus vaccine market. The table below provides the action taken by the U.S. government to support the Operation Warp Speed (OWP), a national program to accelerate the development, production, and distribution of COVID-19 vaccines.

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The increasing adoption of inorganic growth strategies such as partnerships and collaborations by key players, as well as by the government to increase the production and distribution of COVID-19 vaccines are expected to propel the market growth during the forecast period. For instance, on August 14, 2020, the U.S. Department of Health and Human Services (HHS) and Department of Defense (DoD) entered into an agreement with Moderna, Inc., to manufacture and deliver 100 million doses of COVID-19 vaccines produced by the company in the U.S by 2021.

Similarly, on October 16, 2020, the U.S. Department of Health and Human Services (HHS) and Department of Defense (DOD) entered into an agreement with CVS and Walgreens to provide and administer COVID-19 vaccines to residents of long-term care facilities (LTCF) in the U.S. with no out-of-pocket costs.

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Key Takeaways of the Global Corona Virus Vaccine Market:

The global corona virus vaccine market is expected to exhibit a CAGR of 30.9% during the forecast period, owing to increasing collaborations and agreements between market players and research institutes to develop COVID-19 vaccine. For instance, on April 30, 2020, AstraZeneca and the University of Oxford entered into an agreement for the global development and distribution of recombinant adenovirus vaccine aimed at preventing COVID-19 infection.

Among phase of trial, phase 3 segment is expected to hold high market share in 2020, owing to increasing number of phase 3 clinical trials conducted by market players. For instance, on November 7, 2020, CanSino Biologics Inc., initiated Phase 3 clinical trial in Mexico for Ad5-nCoV, a recombinant novel coronavirus vaccine candidate.

Among vaccine type, RNA vaccine segment is expected to hold higher market share in 2020, owing to increasing number of research & development activities for COVID-19 vaccine. For instance, in March 2020, Pfizer Inc. and BioNTech SE in collaborated for the development of COVID-19 vaccine. Later, on November 18, 2020, both the companies announced the positive results from the final efficacy analysis in their ongoing Phase 3 study for BNT162b2, mRNA-based COVID-19 vaccine candidate.

Major players operating in the global corona virus vaccine market include AstraZeneca plc, Pfizer Inc., Sanofi S.A., Novavax, Inc., Moderna, Inc., Sinovac Biotech Ltd., Bharat Biotech International Limited, Johnson & Johnson, BioNTech SE, Serum Institute of India, Shanghai Fosun Pharmaceutical Group Co., Ltd., CanSino Biologics Inc., CureVac AG , Cadila Healthcare Limited, Arcturus Therapeutics Holdings Inc., Entos Pharmaceuticals, and Symvivo.

Read Detailed Index of full Research Study at: https://www.coherentmarketinsights.com/market-insight/corona-virus-vaccines-market-4320

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This release was published on openPR.